Illustrative image (Source: VNA) Hanoi (VNS/VNA) - PV Power willshift its listing from the Unlisted Public Company Market (UPCoM) to the HCMStock Exchange by the end of this year, the company announced in its firstshareholders’ meeting in Hanoi on June 26.
The first shareholders’ meeting was heldnearly five months after its initial public offering (IPO) on January 31.
PV Power’s shares (POW) are trading ataround 13,500 VND (0.59 USD) per share on the UPCoM.
Founded in May 2007, PV Power is an energyarm of the Vietnam National Oil and Gas Group (PetroVietnam) and has grown tobe the country’s second-largest energy producer after Electricity of Vietnam(EVN).
It has provided more than 162 billion kWhto the national grid since its establishment.
PV Power is managing five power plantsnationwide. It has been endorsed by the Prime Minister to be the investor intwo thermal power plants, Nhon Trach 3 and 4, with total installed capacity of1,500MW.
In the first six months of this year, PVPower produced nearly 11.78 billion kWh, up 5 percent over the target for thefirst half. Its consolidated revenue is estimated at nearly 17.4 trillion VND (763.2million USD) while its net profit is projected at nearly VND1.26 trillion, arise of 9 percent and 60 percent over the targets, respectively.
The shareholders’ meeting also approved theplan of transferring the company into a joint stock company starting July 1.
PV Power is expected to spend 702.5 billionVND to pay shareholders the first dividend at the rate of 3 percent in thelatter half of this year. This rate is lower than the initial plan of 6 percentset in its prospectus before the IPO.
According to Nguyen Xuan Hoa, PV Power’sgeneral director, this change is due to the alteration in its equitisationroadmap, following which it becomes a joint stock company after July 1.
“Taking into account both revenue andprofit, the 3 percent cash dividend is calculated for the second half of 2018.It’s not large but demonstrates the company’s concomitance with shareholders,”Hoa told shareholders.
Regarding the strategic investor issue, PVPower Chairman Ho Cong Ky said the company would not seek strategic investors,as the previously approved plan called for, due to the change in mechanism.
The 28.82 percent unsold capital stake willbe transferred to PetroVietnam, following which PetroVietnam’s stake willincrease to 79.94 percent.
The change in the ownership structure wasapproved by the Prime Minister, Ky said, adding that in case the company neededto have a major shareholder, PetroVietnam could divest capital in the wholelot.
PetroVietnam will construct the divestmentroadmap through which it will reduce its holding to less than 51 percent at asuitable time, Ky said.
PV Power aims to produce nearly 9.8 billion kWhin the last six months of the year, earning total revenue of 14.04 trillion VNDand net profit of 858 billion VND.-VNA
The first shareholders’ meeting was heldnearly five months after its initial public offering (IPO) on January 31.
PV Power’s shares (POW) are trading ataround 13,500 VND (0.59 USD) per share on the UPCoM.
Founded in May 2007, PV Power is an energyarm of the Vietnam National Oil and Gas Group (PetroVietnam) and has grown tobe the country’s second-largest energy producer after Electricity of Vietnam(EVN).
It has provided more than 162 billion kWhto the national grid since its establishment.
PV Power is managing five power plantsnationwide. It has been endorsed by the Prime Minister to be the investor intwo thermal power plants, Nhon Trach 3 and 4, with total installed capacity of1,500MW.
In the first six months of this year, PVPower produced nearly 11.78 billion kWh, up 5 percent over the target for thefirst half. Its consolidated revenue is estimated at nearly 17.4 trillion VND (763.2million USD) while its net profit is projected at nearly VND1.26 trillion, arise of 9 percent and 60 percent over the targets, respectively.
The shareholders’ meeting also approved theplan of transferring the company into a joint stock company starting July 1.
PV Power is expected to spend 702.5 billionVND to pay shareholders the first dividend at the rate of 3 percent in thelatter half of this year. This rate is lower than the initial plan of 6 percentset in its prospectus before the IPO.
According to Nguyen Xuan Hoa, PV Power’sgeneral director, this change is due to the alteration in its equitisationroadmap, following which it becomes a joint stock company after July 1.
“Taking into account both revenue andprofit, the 3 percent cash dividend is calculated for the second half of 2018.It’s not large but demonstrates the company’s concomitance with shareholders,”Hoa told shareholders.
Regarding the strategic investor issue, PVPower Chairman Ho Cong Ky said the company would not seek strategic investors,as the previously approved plan called for, due to the change in mechanism.
The 28.82 percent unsold capital stake willbe transferred to PetroVietnam, following which PetroVietnam’s stake willincrease to 79.94 percent.
The change in the ownership structure wasapproved by the Prime Minister, Ky said, adding that in case the company neededto have a major shareholder, PetroVietnam could divest capital in the wholelot.
PetroVietnam will construct the divestmentroadmap through which it will reduce its holding to less than 51 percent at asuitable time, Ky said.
PV Power aims to produce nearly 9.8 billion kWhin the last six months of the year, earning total revenue of 14.04 trillion VNDand net profit of 858 billion VND.-VNA
VNA
